News & Analysis

Walmart earnings results announced

17 November 2023 By Klavs Valters

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The world’s largest supermarket chain Walmart Inc. (NYSE: WMT) released third quarter earnings results before the market opened in the US on Thursday. Walmart beat Wall Street estimates for both revenue and earnings per share (EPS).

Company overview

  • Founded: July 2, 1962
  • Headquarters: Bentonville, Arkansas, United States
  • Number of employees: 2.1 million (2023)
  • Industry: Retail
  • Key people: Greg Penner (Chairman), Doug McMillon (President and CEO)

The results

Walmart reported revenue of $160.804 billion for the quarter (up by 5.2% year-over-year) vs. $159.651 billion expected.

EPS reported at $1.53 per share (up by 2% year-over-year) vs. estimate of $1.522 per share.

Walmart raised its full-year net sales growth forecast from between 4%-4.5% to between 5%-5.5%. Adjusted EPS expected to reach between $6.40-$6.48 per share vs. analyst estimate of $6.48 per share.

CEO commentary

“We had strong revenue growth across segments for the quarter, and we’re excited to get an early start to the holiday season. From a Thanksgiving meal that costs less than last year, to great prices on fashion, toys, electronics, and seasonal decorations, we’re here to help families from around the world make this a special time. Looking ahead, our inventory is in good shape, the teams are focused, and our associates are ready to serve our customers and members whenever and however they want to be served,” CEO of Walmart, Doug McMillon said in a letter to investors.
Stock reaction”

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Shares of Walmart fell by around 7% on Thursday on future outlook despite beating Q3 estimates.

Stock performance

  • 1 month: -2.37%
  • 3 months: +0.82%
  • Year-to-date: +10.70%
  • 1 year: +6.05%

Walmart stock price targets

  • Jefferies: $195
  • Stifel: $171
  • Stephens & Co.: $190
  • Tigress Financial: $196
  • Piper Sandler: $210
  • HSBC: $200
  • Evercore ISI Group: $177
  • Citigroup: $180
  • TD Cowen: $185

Walmart is the 16th largest company in the world with a market cap of $421.71 billion.

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Sources: Walmart Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Financial Times

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